IBC’s Perspective May 2004

The price of auto insurance is falling across Canada. For the past two years insurers have been actively working with governments to reduce insurance costs in order to lower the prices that consumers pay for coverage. These actions are starting to make a difference for consumers.

Testing the Test: MCT one year later. Capital is the lifeblood of the insurance industry. It protects policyholders from the fall-out of adverse conditions in the economy; it provides companies with a buffer against fluctuations in their financial conditions and offers consumers confidence in the industry.

Tables with ten years of data show:

Average Cost of Auto Insurance claim, private passenger vehicles

Average Premiums Written, private passenger vehicles

Availability concerns are easing as the insurance market strengthens. A look at some general trends with a couple of specific examples.

Insurance Bureau of Canada is the national trade association of the private property and casualty insurance industry. It represents the companies that provide more than 90 per cent of the non-government home, car and business insurance in Canada. To view news releases and information, visit the media section of our web site at www.ibc.ca.